Citibank, ING to arrange funds for LNG-fired power units in Vietnam

HANOI (Reuters) - PetroVietnam Power Corp has signed a deal to allow a consortium of Citibank and ING Bank [INGBK.UL] to arrange funds for its project to expand a gas-fired power complex in southern Vietnam with two new units, the company said.

The funds will be used for the construction of the 1,500-megawatt (MW) total capacity Nhon Trach 3 and 4 plants in Dong Nai province, PetroVietnam Power said in a statement following the signing of the deal earlier this week.

The plants - to cost about $1.4 billion - are scheduled to start commercial operations from the fourth quarter of 2022, and will be fired by imported liquefied natural gas (LNG), according to PetroVietnam Power.

Nhon Trach 1 and 2 have a total capacity of 1,200 MW and are both fired by locally produced natural gas, according to the company.

Reporting by Khanh Vu; Editing by Tom Hogue